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Project Management Home Renovation

Autor:   •  November 2, 2011  •  Essay  •  566 Words (3 Pages)  •  1,596 Views

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To successfully rehab the property at 2560 Edgehill, Virginia Beach, VA so that it may be sold at market value in a declining residential sales market. Contractors will be interviewed and selected based on lowest bid, and prior build history and their ability to potential ability to start and finish within 30 days. The real estate agent will act as the onsite supervisor and ensure that the agreed upon milestones during the project execution phase are completed on time, on budget and within the agreed upon specifications.

Purpose

The purpose is to prepare the property for sale at or near the top of the comparable market price for homes in that area. Currently homes in the Red Mill neighborhood of Virginia Beach take on average 180 days to sale; our goal is to have a sales contract inside of 90 days. The home is in desperate need of repair to major areas. The sale of the home will serve to provide three major functions:

1) Reduces our family's total debt by eradicating two mortgages from our financial portfolio.

2) Reduces our family's total financial responsibility in regards to the property by eliminating the costly maintenance expenses incurred annually by owning the residence.

3) The sale of the property will free up our personal income so that it may be used for saving for our sons college fund.

GOALS AND OBJECTIVES

Business Goals and Objectives

 Interview and select a qualified contractor based on price, quality and recommendations.

 Ensure Real Estate agent understands her role as the onsite project manager.

 Complete successful renovation of the roof, windows, kitchen, bathrooms (2), flooring, exterior and walls.

 Complete successful overhaul of the home's landscaping.

 Complete

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